|
If under paragraph IS boreal the Property is sotri aJ• rim Yraixrty is othetnvise acquired by Lender, tender
<br /><halI appky, rv later t. .an immediately prio;• to the .~aic• of the Pr`rpei~y as- its aequisil-ion by Lend°r, any Fluxls
<br />held by Lender ;It the~tiJUC of aplrlicatiosJ as a ctulJt- i,vn.t the _uni-~ ~ccu .r( by [ht: 111ortgaFe
<br />3. Application of Yaymenfs. Ur, l=-..~ .c• ' ~ 1 !... .3:_ trthF,rtiJ.e. ail payments Jeceivcd hi- Lender
<br />,,1,,.,.,.....
<br />under the Nate and jJaragtaphs 1 and'.'. hcrccf sIJa11 I,=• applit•d by Lender lira[, in }]ayJnent of amounts }Jayahte to
<br />Lender by Harrower Under paragraph 3 IJereaf, IhJm tiJ interest p;a~°abl=~ on the i\TOta uml on I'ttture _',dvsnces, if
<br />any, and than to the principt]1 of t-he'_vota and to the ?Jrinripat of T'ut.ure Advances, if any.
<br />4, Charges: Liens. Borrower shall pay- sl? tries, assess:rents and other charges, fines and impositions attri~-
<br />utable to the Property which may atkairJ a priority aver ilJis Zfartgage, and ground rents, if any, at Lendarz
<br />option in the manner provided under paragraph 2 hereof or lrv Borrower uraking payment, when clue, directly to
<br />the payee thereof. Borrower sksa}i promptly furnish to I,entler all 1tai5cas of amounts due under this paragraph,
<br />~~ and in the event Borrasver shall make, payment lirerxly, ilarrowet• shall promptly furnish to- Lender receipts evi-
<br />deneing such payments. Borrower shah promptly discharge :tuy lien wnick I]as priority aver this \Iartgage; pra-
<br />~; ided, that Borrower shall not be required to discharge any such Tien so iang as Harrower sltali agree in suiting to
<br />~~ the payment of the obligation secured by such lien in at manner acceptable tr, LeuiJ::r, or shall in good fsitl: cantPst
<br />such lien by, ar defend enfor+:ement of such lien in, legal proceedings which operate to prevent the enlorce_ went of
<br />~ the lien or forfeiture of the Property or any part tiJereaf.
<br />$, FIazard Insurance. Borrower shall keep the improvements na]v existing or hereafter erected on the Prop-
<br />~~ city insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br />~y Lender shay vgt]ire and ?*.] such amounts and for such jrei•iods as Lender may require: provided, that Lender shalt
<br />T'~- not require that tl]e amount of such coverage exceed that amount ai coverage required to pay the sums seeured'by
<br />this 1vlortgage.
<br />The insurance carrier providing the insurance shall be chosen by Barron-er subject to approval by Lender;
<br />provided, that such approval shalt not be ulJreasonably withheld. Ali premiums on insurance policies shall be paid
<br />at Lender's option in the manner presided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />Iii the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may proavre insurance on the improvements, pay the .premiums and such sum shall become
<br />immediately due and payable with interest at the rate sat forth in said note until paid and shall be
<br />secured by this h4ortgage. Failure by $orrower to comply may, at option of Lender, constitutx a defavIt
<br />under the terms of this Ivlorigage.
<br />x,11 insurance policies and renewals thereat shall be in farm acceptable to Lender and shad include a standard
<br />Jnertgage clat<Se in favor of and in faun acceptable to Lender. Lender shall have *'he right to hold the poheies and
<br />renewals thereof, and Borrower shaIl promptly furnish to Lerder all renewal notices and ail receipts- of paid pre-
<br />miutns. Tn the event of loss, Borrower shall give prompt notice to the insurance carrier and bender, and Lender
<br />may make proof of loss. if not made promptly by Borrower.
<br />IIniess Lender and Borrower otherwise agree in tvritiJ;g. in. uranee }>roceeds shalt be applied to restoration or
<br />repair of the Property damaged, provided surh resters: ic;t ar repair is eeanosnically feasible and the security of
<br />this lortgage is not thereby impaired. If such restsrratioat ar repair is not econanJically sensible or if the security
<br />of this :1ortgage would he impaired, the insurance preen-; 3s sl.::ii 1:+~ appile3 to the sums secured by this ~iartgage,
<br />with the excess, if any, paid to Borrower. It Llsa Pro}roily- is ak.andaned by Barran~er ar ii Borrower fails is respond
<br />to Lender within 30 days after notice 6y Lender to Borrrr}sir that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender i authorized to collect ai=d apj?h- tit=~ insurance prrr~eeds at Lender's option either cis
<br />restoration or repair of the Property or to the antes sec=:reel h}- tlJi_ Mortgage.
<br />Unless Lender and Horratver atl]er:s]se agree ,n ss*iang, anc such application of proceeds to principal shall
<br />not extend ar postpone the due date of the i]YOntiJly iRStallt".tent5 tieterred to n] paragIaphS 1 and `r bereOf Or ct]aIIge
<br />tlae amount o2 such instalimenis.
<br />If under paragraph IS hereof the Propery is sequi=-ed by bender, all right, title and interest of Borrower in
<br />andta any insurance policies and ir, ar]ci to tine pals thereof +ta the extent of the sutr]s secured ny this ~fott-
<br />gsge irntnettiateIr prior to such save or sego=sitionl resuitiiJg frmr. damage to the Propert}' prior to the sale or
<br />acgt]isition shall pass to Lender.
<br />~, F=e~rratiov ~ NGzirtanan~g of PxaDexty; i.ea_g®holds: Gondoasiniums. Harrower shall keep the Prop-
<br />erty in good repair and shall eat permit ar commit haste. impairment, or deterioration of the Property and shall
<br />comply with the provisions of an}• lease, ii thie \lart~age is ar] a leasehold. If this tilortgage is on a condominium
<br />nett, Harrower shall perfornt alj of Borrower's c=k,iigatians under site deelaratiou of condominium or master deed,
<br />the by-laws and regulation; of the candomininnJ }rrC,_act :and constituent documents.
<br />7, n.QgAa;ice of ~rtder's ~eeuritg. If Harrower faits ca perform the covenants and agreements contained in
<br />this Mortgage, or if any action ar proceedin,; i< cosntnenre<? whit iJ nJaserially affects Lender's Interest in the Prop-
<br />erty, including; but not limited ta. eminent =auEtr::in. in.o*.~+rncy- code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent; tisen Lender at Len,~er's option. upon notice to Borrower, may make such
<br />appearances; disburse such sums any; take each action as i= necessarc is protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney"~ 'ees and cntn• upon rata Property to make repair. Any
<br />amounts disbursed by Lender pursuant to this paragraph ~ .wit}, interest thereon, shall become additional indebt-
<br />edness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts sha31 be payable upon notice from Linder to Borrower requesting payment thereof, and shall bear inter-
<br />est Tram the date of disbursement at the rate asstEd in tha'_~ate u, l~s payment of interest at such rate would be
<br />contrary to applicable law, fa which event such amounts shall hear interest ai the highest rate permissible by
<br />applicable law. >?athing contained iu this taragraph i sl]nli require Lender to incur any ex})ense or do any act
<br />hereunder.
<br />& Inspection.. ? ender :nay make or cause to he naadr r ~ssonahlc eni vie; upon andsnspeetions of the Prop-
<br />erty, provided-that Lender shall give Borrower notice }n•iar to ally such inspeet.ion sjJecifying reasonable cause
<br />therefor related to Lender's interest in the Prapercy.
<br />9. Comdemaation. The proceeds of any award or claim for tian]ages; direct or consequential, in connection
<br />with- any eandentnation ar other 6aktng of tkte Pmpetty, or ?;art thereof, or for conveyance in lieu of candemna-
<br />Lion, am L~rehy a:~igned and shall be paid to Lender..
<br />In the event of a total faking of the. Property, the proceeds shall he applied to the sums secured by this l~iorrr-
<br />gage, with ..te exc~s,'if }any,-paid to Borrower.-In the event of a partial taking of the Property, unless Borrower
<br />and ?~tcler y~~ •ri18e ~"re` in ~titiag, there shall be appiieel to the slims scoured by-this :Mortgage such grnpor-
<br />tion of the.prnceeds as is equal to that proportion ]e3iieh t3ie amount of the snnis secured. by -this Y~iartgage imme-
<br />diately priaro the-date of felting bears to fhe fair Inarket vatne of the Property immediately prior toti]e-date of
<br />tslrutg,vrith-th¢ balane¢ of tfie proceeds pain to Borrower,
<br />Ii the Property is ~bandaued ba $arron er o:` ii otter tiotiee by-Lender to Barroner that tI]e condemnor offers
<br />to make an award ©r`settle a elaini Eels d:srnsges, Barrowti_ fhils-to xespnnd to Lender within 30 days of the date
<br />o$such notice, Lender is authorized fo cei?: tt and a}Jpky the lracezds at. Lender', option either to restoration or
<br />repair of the Property ortt] file earns sectfreci lnr tlsis tiloregage. -
<br />i3nless L-ender cud Borrower otlzarwise agree itt writing,-any suefi application of proceeds tp principal shall
<br />~~' ,
<br />
|